The world's richest people used to flock to the UK. Now, it's bleeding millionaires at a record rate.

The UK is poised to lose more millionaires in 2025 than any other country — a dramatic reversal for a nation long seen as a hub for the world’s rich.

According to the Henley Private Wealth Migration Report 2025, Britain is set to lose a record 16,500 millionaires this year — more than double the projected net outflow from China, which has held the top spot every year for the past decade.

This marks the highest millionaire exodus ever recorded from any country since Henley & Partners and global wealth intelligence firm New World Wealth began tracking the data 10 years ago.

“2025 marks a pivotal moment,” says Juerg Steffen, CEO at Henley & Partners. “For the first time in a decade of tracking, a European country leads the world in millionaire outflows.”

He added that the move wasn’t just about tax changes in the UK, but reflected a “deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.”

“The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant,” he said.

A country losing on both fronts

“Britain’s appeal is waning — its global standing as a magnet for the world’s wealthiest is being eroded by a combination of policy inaction and economic uncertainty,” Stuart Wakeling, managing partner and head of Henley and Partners’ UK office, told Business Insider.

“The country is now uniquely positioned in the global migration landscape: losing on both sides of the ledger, with limited accessible pathways for inbound investor migrants while simultaneously experiencing record-breaking millionaire outflows,” he said.

The shift is part of a broader wealth migration trendwith 142,000 high-net-worth individuals (HNWIs) projected to relocate across borders in 2025.

But the UK’s position is uniquely stark.

Since the 2016 Brexit referendum, Britain has steadily transformed from a haven for the rich to a launchpad for their departure.

The October 2024 budget, the first under the newly elected Labour government, introduced sharp hikes in capital gains and inheritance taxes, and new rules targeting non-domiciled residents and family wealth structures took effect in April.

Together, the changes have triggered a mass departure some analysts are calling “Wexit” — a wealth exit.

Andrew Amoils, head of research at New World Wealth, told BI that roughly 60% of HNWIs leaving the UK in 2024 and 2025 are foreign-born.

“Financial and professional services is the main sector for departing UK HNWIs — this includes banking, fund management, law firms, etc. Tech is also a big one,” Amoils added.

Southern Europe gains while Western Europe retreats

The UK is not alone in its struggles. France, Spain, and Germany are also forecast to see net millionaire outflows this year, signalling a broader retreat from Western Europe. These outflows are set to be much less stark than the UK’s, with France losing 800 millionaires, Spain 500, and Germany 400.

Meanwhile, Southern European countries like Italy, Portugal, and Greece are emerging as new magnets for wealth, boosted by friendly tax regimes and lifestyle appeal. Italy is expected to add 3,600 millionaires this year, while Portugal and Greece will respectively add 1,400 and 1,200.

Top destinations globally include the UAE, which is expected to attract 9,800 millionaires in 2025, retaining its position as the world’s top wealth haven, followed by the US, which is set to gain 7,500.

Switzerland remains a strong draw, adding 3,000 millionaires, while fast-rising wealth hubs such as Thailand and Montenegro are gaining ground.

The UK, however, remains the only country among the world’s 10 wealthiest nations to see negative millionaire growth since 2014, according to Trevor Williams, Chair and Co-founder at FXGuard and former Chief Economist at Lloyds Bank Commercial Banking.

Over that same period, the US saw a 78% increase, making it the fastest-growing millionaire market in the 10 wealthiest countries by millionaire numbers, he said.